October 1, 2020 - Biz in 60

Tokyo Stock Exchange suffers worst outage ever Tokyo's stock exchange has suffered its worst-ever outage after a backup system failed to kick-in following a hardware malfunction. Trading of more than 2,500 stocks listed on the 6-trillion- dollar market froze for the entire day. The Japan Exchange Group says it's replacing the hardware to ensure normal trading resumes on Friday. Rolls-Royce plans to raise $6.5B to survive COVID-19 crisis Jet engine maker Rolls-Royce is planning to raise 6.5 billion dollars as it looks to survive the coronavirus crisis. The British company said it would tap shareholders in a 2.5 billion dollar rights issue, and also raise funds by issuing new debt. Rolls-Royce suffered a record 7.1 billion dollar loss during the first half of this year, after a slump in air travel. H&M to close 250 stores in 2021 as shift online speeds up And H&M has unveiled plans to close about 250 of its 5,000 stores next year and invest more in online growth. The move comes at a time when online sales have soared during the pandemic, as shoppers avoid physical stores. The world's second-largest fashion retailer has also reported a 16% fall in third-quarter sales, which is better than analysts' expectations.